Latest news with #wealthplanning
Zawya
16 hours ago
- Business
- Zawya
Three in Four Singaporeans Prioritise Leaving an Inheritance for Future Generations
Millennials and Gen Zs lead the charge in proactive wealth planning; Gen Zs also have the highest expectations towards receiving an inheritance SINGAPORE - Media OutReach Newswire - 19 August 2025 - A new report by Etiqa Insurance Singapore spotlights growing trends in intergenerational wealth transfer, with 77% of Singaporeans prioritising leaving a financial legacy to future generations. With two-thirds of Singaporeans having either received, transferred or expect to receive or transfer their wealth, a commitment most pronounced among those aged 55 and above (74%), proactive wealth planning and management for Singaporeans is more crucial than ever. 78% of Singaporeans aged 55 years and above prioritise the importance of discussing inheritance matters with their families, signalling a clear cultural shift toward open and proactive legacy planning. This reflects a broader societal shift towards greater transparency and responsibility in legacy planning, as older Singaporeans recognise the importance of wealth transfer conversations before one's passing. Over half of Singaporeans surveyed (53%) have either received or expect to receive an inheritance. This expectation is even higher among younger Singaporeans, with 62% under the age of 24 expecting to receive an inheritance. This indicates the need for early financial literacy and planning to ensure wealth is managed effectively. Among Singaporeans who expect to receive or give an inheritance, one in five anticipate a windfall of $1 million or more. With large sums potentially involved, financial education becomes key, and recipients need financial planning and management to manage this wealth. Among Singaporeans who have received their inheritance, 53% believe the inheritance plays a critical role in their long-term financial stability. In contrast only 35% of Singaporeans who have yet to receive an inheritance see it as critical factor that ensures their long-term financial stability. As the true value of an inheritance often becomes clear only after it is received, proactive financial guidance is essential to help individuals integrate it effectively into their long-term financial goals. Other key findings of the survey include: Nearly half (46%) of Singaporeans have plans to or have already initiated wealth transfers during their lifetime, shifting away from solely relying on transfers upon their passing. About half of Singaporeans surveyed (49%) actively use insurance as an instrument for wealth transfer, recognising it as an effective method for legacy planning beyond basic protection. Most Singaporeans preparing to pass on wealth involve their family in financial planning conversations (42%) and instilling values of responsibility and diligence (41%). A notable 18% still lack a plan for successor readiness. Wealth transfer comes with complexities. Key worries for Singaporeans regarding wealth transfer include family conflict (36%), maintaining their own financial security (34%), and fears of mismanagement of wealth (31%). One in three Singaporeans now involve a financial advisor in their wealth transfer planning, reflecting a growing recognition of the critical need for expert guidance in navigating complex legacy decisions. "Our Wealth Transfer Insights Report findings indicate that wealth transfer is increasingly viewed not just as a financial event, but as a purposeful act of next generation empowerment," said Raymond Ong, CEO of Etiqa Insurance Singapore. "It is heartening that Singaporeans are having conversations about wealth planning through open family dialogue and meticulous planning, fundamental to ensuring financial well-being of their families." "While Singaporeans demonstrate a strong commitment to securing their family's financial future through wealth transfer, potential challenges such as wealth mismanagement and preserving this wealth for next generation need to be addressed," Mr. Ong emphasised. "More strategic and informed legacy planning to bridge existing gaps and fostering continuous open dialogue are essential steps to ensure that legacies not only endure but truly empower future generations." Etiqa Insurance Singapore supports the community through financial planning literacy workshops and activities designed to empower individuals across all age groups. These initiatives, that will be rolled out in phases in coming years, aim to equip participants with the essential knowledge to protect, grow, and manage their wealth effectively. Find out more at: Etiqa Insurance Singapore Wealth Transfer Insights Report The Etiqa Insurance Singapore Wealth Transfer Insights Report was conducted in collaboration with Kantar in June 2025, surveying 1,008 Singapore citizens and permanent residents across four age groups: Gen Z (18 to 28 years old), Millennials (29 to 43 years old), Gen X (44 to 59 years old), and Seniors (60 and above). This study delves into the attitudes, expectations and strategies around both receiving and passing wealth to the next generation. Hashtag: #EtiqaInsurance The issuer is solely responsible for the content of this announcement. Etiqa Insurance Pte. Ltd. Etiqa Insurance Pte. Ltd. (EIPL) is a life and general insurance company licensed and regulated by the Monetary Authority of Singapore and governed by the Insurance Act 1966. Having protected customers in Singapore since 1961 under the name United General Insurance Co. Sdn. Bhd., the company transitioned into the Singapore branch of Etiqa Insurance Berhad in 2009. Today, EIPL in Singapore stands as the pivotal operating entity of Etiqa Insurance Group, a leading insurance and takaful provider in ASEAN. EIPL offers a comprehensive range of life and general insurance products accessible through its diverse distribution channels, including bancassurance, agents, brokers, financial advisers, partnerships, direct and online sales via Tiq by Etiqa. Etiqa is rated 'A' by credit rating agency Fitch for the group's 'Favorable' business profile. EIPL is owned by Maybank Ageas Holdings Berhad, a joint venture combining local market expertise with international insurance knowledge, with 69% ownership by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group operating across 13 countries. Etiqa Insurance Singapore
CNA
19 hours ago
- Business
- CNA
Three in Four Singaporeans Prioritise Leaving an Inheritance for Future Generations
Millennials and Gen Zs lead the charge in proactive wealth planning; Gen Zs also have the highest expectations towards receiving an inheritance SINGAPORE - Media OutReach Newswire - 19 August 2025 - A new report by Etiqa Insurance Singapore spotlights growing trends in intergenerational wealth transfer, with 77% of Singaporeans prioritising leaving a financial legacy to future generations. With two-thirds of Singaporeans having either received, transferred or expect to receive or transfer their wealth, a commitment most pronounced among those aged 55 and above (74%), proactive wealth planning and management for Singaporeans is more crucial than ever. 78% of Singaporeans aged 55 years and above prioritise the importance of discussing inheritance matters with their families, signalling a clear cultural shift toward open and proactive legacy planning. This reflects a broader societal shift towards greater transparency and responsibility in legacy planning, as older Singaporeans recognise the importance of wealth transfer conversations before one's passing. Over half of Singaporeans surveyed (53%) have either received or expect to receive an inheritance. This expectation is even higher among younger Singaporeans, with 62% under the age of 24 expecting to receive an inheritance. This indicates the need for early financial literacy and planning to ensure wealth is managed effectively. Among Singaporeans who expect to receive or give an inheritance, one in five anticipate a windfall of $1 million or more. With large sums potentially involved, financial education becomes key, and recipients need financial planning and management to manage this wealth. Among Singaporeans who have received their inheritance, 53% believe the inheritance plays a critical role in their long-term financial stability. In contrast only 35% of Singaporeans who have yet to receive an inheritance see it as critical factor that ensures their long-term financial stability. As the true value of an inheritance often becomes clear only after it is received, proactive financial guidance is essential to help individuals integrate it effectively into their long-term financial goals. Other key findings of the survey include: Nearly half (46%) of Singaporeans have plans to or have already initiated wealth transfers during their lifetime, shifting away from solely relying on transfers upon their passing. About half of Singaporeans surveyed (49%) actively use insurance as an instrument for wealth transfer, recognising it as an effective method for legacy planning beyond basic protection. Most Singaporeans preparing to pass on wealth involve their family in financial planning conversations (42%) and instilling values of responsibility and diligence (41%). A notable 18% still lack a plan for successor readiness. Wealth transfer comes with complexities. Key worries for Singaporeans regarding wealth transfer include family conflict (36%), maintaining their own financial security (34%), and fears of mismanagement of wealth (31%). One in three Singaporeans now involve a financial advisor in their wealth transfer planning, reflecting a growing recognition of the critical need for expert guidance in navigating complex legacy decisions. "Our Wealth Transfer Insights Report findings indicate that wealth transfer is increasingly viewed not just as a financial event, but as a purposeful act of next generation empowerment," said Raymond Ong, CEO of Etiqa Insurance Singapore. "It is heartening that Singaporeans are having conversations about wealth planning through open family dialogue and meticulous planning, fundamental to ensuring financial well-being of their families." "While Singaporeans demonstrate a strong commitment to securing their family's financial future through wealth transfer, potential challenges such as wealth mismanagement and preserving this wealth for next generation need to be addressed," Mr. Ong emphasised. "More strategic and informed legacy planning to bridge existing gaps and fostering continuous open dialogue are essential steps to ensure that legacies not only endure but truly empower future generations." Etiqa Insurance Singapore supports the community through financial planning literacy workshops and activities designed to empower individuals across all age groups. These initiatives, that will be rolled out in phases in coming years, aim to equip participants with the essential knowledge to protect, grow, and manage their wealth effectively. Find out more at: Etiqa Insurance Singapore Wealth Transfer Insights Report The Etiqa Insurance Singapore Wealth Transfer Insights Report was conducted in collaboration with Kantar in June 2025, surveying 1,008 Singapore citizens and permanent residents across four age groups: Gen Z (18 to 28 years old), Millennials (29 to 43 years old), Gen X (44 to 59 years old), and Seniors (60 and above). This study delves into the attitudes, expectations and strategies around both receiving and passing wealth to the next generation. Hashtag: #EtiqaInsurance The issuer is solely responsible for the content of this announcement. Etiqa Insurance Pte. Ltd. Etiqa Insurance Pte. Ltd. (EIPL) is a life and general insurance company licensed and regulated by the Monetary Authority of Singapore and governed by the Insurance Act 1966. Having protected customers in Singapore since 1961 under the name United General Insurance Co. Sdn. Bhd., the company transitioned into the Singapore branch of Etiqa Insurance Berhad in 2009. Today, EIPL in Singapore stands as the pivotal operating entity of Etiqa Insurance Group, a leading insurance and takaful provider in ASEAN. EIPL offers a comprehensive range of life and general insurance products accessible through its diverse distribution channels, including bancassurance, agents, brokers, financial advisers, partnerships, direct and online sales via Tiq by Etiqa. Etiqa is rated 'A' by credit rating agency Fitch for the group's 'Favorable' business profile. EIPL is owned by Maybank Ageas Holdings Berhad, a joint venture combining local market expertise with international insurance knowledge, with 69% ownership by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group operating across 13 countries.
CTV News
11-08-2025
- Business
- CTV News
‘More bang for their buck': Financial planner outlines ways couples can save on taxes
Julie Seberras, Head of Wealth Planning at Manulife Wealth, joins BNN Bloomberg to discuss CRA rules on lending money to your spouse.
Forbes
31-07-2025
- Business
- Forbes
Top Misperceptions About Taxes
Josh Strange is the Founder & President of Good Life Financial Advisors of NOVA. The firm works with federal employees and contractors. The U.S. tax code is maddeningly complicated, making it difficult for most to navigate it effectively without professional help. Making matters worse is that tax laws keep changing. Therefore, it's not surprising that numerous misconceptions and myths surround taxes, which can lead to costly mistakes. Perhaps the biggest one isn't a single misstep. Rather, it's a mindset: Most tend to view taxes as a single transaction each year. The reality is that managing taxes is an inescapable part of wealth planning, one that requires a long-term strategy that accounts for today, tomorrow, a decade from now and beyond. With that said, here are four common tax misperceptions: 1. I'm in the 22% tax bracket, so my annual income is subject to that rate. People often fail to understand how the tax brackets work. The system is progressive, meaning, in reference to the above, only a portion of your annual income is taxed at 22%, not the entire amount. For example, if you made $58,000 in 2024, the government taxes the first $11,600 at 10%, the next $35,550 at 12% and the remaining $10,850 at 22%. Minus deductions and credits, that would come to $7,813—18.7% of your salary and significantly lower than what you'd owe ($12,760) if all your income were taxed at 22%. For all the griping about taxes, a lot of people pay less than they think, thanks to this miscalculation of the tax code. 2. I will be in a lower tax bracket in retirement. On the surface, this is a reasonable assumption. After all, no more employment income equals fewer taxes. And for the most part, this is true, with research suggesting that retirees have lower tax rates than they did during their working years. But it's not always the case. Several factors can boost your tax bill in retirement. Take required minimum distributions (RMDs), which are taxable. Let's say you have a $2 million IRA when you turn 73, the age at which you must start taking RMDs. The good news is that you saved and invested well enough to be reasonably wealthy in retirement. The bad news is that you will be taxed like it because an IRA of that amount comes with an initial RMD of about $80,000, which could push you into a higher bracket. The issue becomes even more acute if, on top of large RMDs, you also have a pension, an annuity or significant capital gains—all of which are also taxable. Further, keep in mind that depending on your income, up to 85% of your Social Security benefits can also be taxable. 3. You can mitigate estate taxes, but you can't eliminate them entirely. If your estate is valued at $13.99 million or more at the time of your death, you will owe taxes on it. However, not many estates are worth that much, and virtually no one pays taxes on them. However, even wealthy individuals and families can avoid estate taxes with proper planning and forethought. Currently, it's possible to give as many people as you want up to $19,000 each in a single year without them having to pay taxes or it impacting your roughly $14 million lifetime estate tax exemption (for married couples, those numbers are $38,000 and about $28 million, respectively). Many states, like Virginia and Florida, don't have estate or inheritance taxes at all. However, most do, and the exemption amounts are typically lower than the federal one. For instance, Oregon taxes estates valued at $1 million or above. 4. Paying more taxes is always a bad thing. Nobody likes paying taxes. In fact, getting a refund is often a cause for celebration, even though that's the equivalent of providing Uncle Sam an interest-free loan for a year. However, a higher tax bill suggests that good things are happening. For example, it means that your income, whether from your job or investments, has substantially increased. Given the choice between paying no taxes and earning more money, I suspect most people would opt for the latter. In truth, paying more when you're younger is sensible if it means paying less when you're retired, and, ostensibly, have a greater need for the money. Some of the above examples (e.g., drawing down your IRA strategically to avoid big RMDs) are a testament to that. That's lifetime tax planning, and it's just as important to a long-term financial plan as anything else. People dislike taxes. A lot. Part of it is natural: Who likes giving up money? Another reason is undoubtedly that the tax code is so multifaceted and complex. Working with a financial advisor can help demystify taxes, enabling you to craft a long-term tax strategy that can increase your wealth by reducing the amount of taxes you pay over a lifetime. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Yahoo
24-07-2025
- Business
- Yahoo
Brazil's XP aims to double client assets under custody by 2033
By Paula Laier SAO PAULO (Reuters) -Brazilian financial services platform XP Inc aims to double its client assets under custody by 2033 from the current 1.3 trillion reais ($235.65 billion), the firm's CEO told Reuters. XP, whose shares are listed on Nasdaq since 2019, was founded in the early 2000s as an independent financial adviser and has challenged the leading position of Brazil's largest banks in the sector. In an interview on Wednesday, Chief Executive Thiago Maffra said XP expects to reach the goal by expanding the scope of its investment advisors, a key part of its business, who currently total 18,000. Most of them are part of external smaller, independent advisory firms that operate through XP's platform. "From now on, we want the advisors to be truly great wealth planners, able to help clients with much more than just an investment portfolio," Maffra said, adding they should also focus on topics such as succession strategies and tax planning. "That's the main weapon we are going to use to double our AuC (assets under custody) by 2033," said Maffra, who took over as CEO in 2021 replacing founder Guilherme Benchimol, currently the chairman of XP's board of directors. ($1 = 5.5167 reais) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
